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ROLE OF RESOLUTION PROFESSIONAL IN CORPORATE INSOLVENCY RESOLUTION PROCESS

Corporate Laws / Banking / SEBI - By: - Mr.M. GOVINDARAJAN - Dated:- 12-9-2017 - Appointment of Resolution professional In the earlier article entitled Interim Resolution Professional we have seen that the Resolution Professional is appointed in the first meeting of the creditors convened by the interim resolution professional. The interim resolution professional may be allowed to act as resolution professional or any other person may be appointed as Resolution Professional on application to th .....

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documents and records pertaining to the corporate debtor in his possession and knowledge to the resolution professional. Convening of the meeting of creditors The resolution professional shall conduct the meeting of the creditors. He shall give notice of each meeting of the committee of creditors to- members of Committee of creditors; members of the suspended Board of Directors or the partners of the corporate persons; operational creditors or their representatives, if the amount of their aggreg .....

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es- to take immediate custody and control of all the assets of the corporate debtor, including the business records of the corporate debtor; to represent and act on behalf of the corporate debtorwith third parties, exercise rights for the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings; to raise interim finances subject to the approval of the committee of creditors under section 28; to appoint accountants, legal or other professionals in the manner as speci .....

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vides that the resolution professional, during the corporate insolvency resolution process, shall not take any of the following actions without the prior approval of the committee of creditors- raise any interim finance in excess of the amount as may be decided by the committee of creditors in their meeting; create any security interest over the assets of the corporate debtor; change the capital structure of the corporate debtor, including by way of issuance of additional securities, creating a .....

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rporate debtor; delegate its authority to any other person; dispose of or permit the disposal of shares of any shareholder of the corporate debtor or their nominees to third parties; make any change in the management of the corporate debtor or its subsidiary; transfer rights or financial debts or operational debts under material contracts otherwise than in the ordinary course of business; make changes in the appointment or terms of contract of such personnel as specified by the Committee of cred .....

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. The Committee of creditors may report the actions of the resolution professional to the Board for taking necessary actions against him. Information Memorandum Section 29 provides for preparation of information memorandum by the resolution professional. He shall prepare the information memorandum in such form and manner containing such relevant information as may be specified by the Board for formulating a resolution plan. The resolution professional shall provide to the resolution applicant ac .....

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ofessional prepared on the basis of information memorandum. The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan- provides for the payment of insolvency resolution process costs in priority to the repayment of other debts of the corporate debtor; provides for the repayment of debts of operational creditors as may be specified by the Board which shall not be less than the amount paid to the operational creditors in the event of a liqu .....

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